World's first Bitcoin ATM to open in Vancouver this week

The world’s first Bitcoin ATM will be ready for its inaugural transaction starting this coming week at a coffee shop in downtown Vancouver. Manufactured by Nevada-based Robocoin with service from local operator and broker Bitcoiniacs, the $18,500 machine will be the first of five Bitcoin ATMs headed to Canada. The machine will allow locals to exchange Canadian dollars for Bitcoins and vice versa. When depositing Canadian money, the Bitcoin credits will be added to the user’s online Bitcoin wallet. Alternately, Bitcoin credits can be used to ‘purchase’ Canadian funds which can be retrieved from the machine at the time of the transaction. The machines will use palm scanners to identify and keep track of users which should also help prevent money laundering schemes. We are told there will be a CAD $3,000 ($2,870) limit per user, per day. At that rate, it would have taken alle...